Red = greed
Green = fear
I updated a lot of the subcomponents and fixed a bug. I've reduced the smoothing to 1, it was previously 5 if you prefer smoother signals. Also added a .
I've commented out the plotting of individual sub-components, just uncomment them to see what they do. Some look like pretty useful indicators on their own.
Regarding the divergence lines, the fear and greed index which this is based on is, apparently, supposed to be a market timing indicator, although it may well be better off being used as a momentum indicator. Because of this I am not certain that the upper divergence lines should be red to indicate bearish divergences and green for bullish ones. Let me know if you have any thoughts about that.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.